Santa Purgaile, the Chairperson of the FCMC admits: “The COVID-19 pandemic has shown and continues demonstrating that financial literacy is very important. Sound monetary skills provide opportunities to be more resilient to various financial shocks, but under normal conditions – to increase personal well-being. We are pleased and thankful for the broad involvement of partners in developing the strategy, creating a common vision for the future and setting goals. Monetary skills can be improved throughout life, so I call on everyone to take responsibility for their financial literacy and also devote the necessary resources and attention to this area at the institutional level.”
Andris Nātriņš, Vice-Rector of the BA School of Business and Finance: “A broad range of activities, which should be reflected in the financial behaviour of the population and the positive changes in the culture of financial literacy are planned to be implemented in the new strategy. This approach requires persistent work and dialogue with the public. During the COVID-19 pandemic, it became more acutely evident that greatest challenge was to adopt a long-term lifestyle that requires self-discipline, the alignment of future and immediate benefits, while avoiding a variety of seemingly easy benefits that may prove to be a trap. I very much hope that the strategy will help each of us in choosing the right course for financial stability and prosperity.”
Since 2014, the coordination of financial literacy in Latvia has been ensured by the Financial and Capital Market Commission (FCMC), by forming an inter-institutional working group and involving a wide range of stakeholders from both the financial and education sectors and the non-governmental sector. The comprehensive financial literacy working group has also developed the National Strategy for Financial Literacy Strategy in Latvia 2021–2027, by setting common goals with the partners and agreeing on the tasks to be undertaken over the next seven years.
The National Strategy for Financial Literacy Strategy in Latvia 2021–2027 is available here https://www.fktk.lv/wp-content/uploads/2021/05/ENG_FPS.pdf, as well as in infographics here: https://www.fktk.lv/wp-content/uploads/2021/04/FPS-infographic_2_ENG.pdf.
Senior Public Relations Specialist
FCMC Communications and Financial Literacy Division,
Head of Working Group on National Financial Literacy Strategy